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Biography of an Idea: The Founding Principles of Public Relations by Edward L. Bernays

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chapter 42

FIGHTING FOR CREDIT EXPANSION

The stock-market crash in the week of October 24, 1929, culminated in the trading of 16 million shares on October 29, when thirty billion dollars were wiped out. In the spring of 1930 a little bull market raised stock prices, but by May of that year, and for two years afterward until 1932, the American economy declined steadily, with less production and fewer sales, slashing of salaries and new millions of unemployed.

This period, 1930 to 1932, was disheartening also for economists who had continued to be wrong in their judgment of economic events of that period. It was a period of grave disillusionment not only for the experts who had strong beliefs about the economic nature of our capitalist society ...

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